The report on global smart parking system market provides qualitative and quantitative analysis for the period of 2016 to 2024. The report predicts the global smart parking system market to grow with a CAGR of 18.5% over the forecast period of 2018-2024. The study on smart parking system market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific and RoW for the period of 2016 to 2024.
Car parking problem is a major contributor and has been, still a major problem owing confined parking spaces in urban cities and with increasing vehicle number of vehicles. Therefore, smart parking systems are now been implemented to find information about available parking spaces in nearest area and process is real-time to place vehicles at available positions.There is no “best technology” in the Smart Parking sector the most suitable technology depends on project-specific conditions and the challenges at hand. In cities, various technologies can coexist depending on local issues.
Smart Parking involves the use of low cost sensors, real-time data, and applications that allow users to monitor available and unavailable parking spots. The goal is to automate and decrease the time spent on manually searching for the optimal parking floor, spot and even lot. Some solutions will encompass a complete suite of services such as online payments, parking time notifications and even car searching functionalities for very large lots. Automated payment systems allows people to reserve parking in advance. When deployed as a system, smart parking thus reduces car emissions in urban centers by reducing the need for people to unnecessarily circle city blocks searching for parking. It also permits cities to carefully manage their parking supply. These benefits are driving the growth of the smart parking system market over the years to come.
Moreover, increasing demand for IoT based technology is the factor driving the growth of the smart parking system. Problems such as, traffic congestion, limited car parking facilities and road safety are being addressed with the help of IoT. In addition, demand for upcoming smart cites with the growing number of hospitals, shopping complexes and corporate hubs are fuelling the demand for smart parking system market. However, lack of standardization and high setup cost that requires huge investments are likely to hamper the growth of the smart parking system market during the forecast period. On the other hand, system integration due to wide variety of hardware and software platforms involved, possess a great concern to the system scalability.
Furthermore, advancements in autonomous cars and smart park technology are creating several opportunities for the key players in the smart parking system market over the upcoming years. A wide variety of other technology innovations are also enabling more adaptable systems including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms. This in turn has opened several doors of opportunities for the smart parking system market over the years to come.
Among the Geographies, North America dominated the smart parking system market in terms of revenue .The growth in the North American regions is due to the increasing need for traffic management. In addition, North America is also considered the most progressive region in terms of smart sensors and advanced analytics. The presence of dense traffic in various cities of U.S. such as Los Angeles, New York are also exhibiting a higher level of awareness towards modern solutions for parking and traffic control, thus becoming an optimized region for the large-scale adoption of smart parking systems.
Moreover, South America and Asia Pacific are projected to witness fastest growing market due to increasing inclinations towards the development of smart cities. Increasing automobile sales in Asia Pacific region is anticipated to boost the growth of the smart parking system in this region. Furthermore, Europe is witnesses to have moderate growth owing to the owing adoption of smart mobile application such as smart payments in parking area.
The report on smart parking system market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global smart parking system market over the period of 2016 to 2024. Moreover, the report is collective presentation of primary and secondary research findings.
Porter’s five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global smart parking system market over the period of 2016 to 2024. Further, IGR- Growth Matrix given in the report brings an insight on the investment areas that existing or new market players can consider.
A) Primary Research
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
1. Key Opinion Leaders associated with Infinium Global Research
2. Internal and External subject matter experts
3. Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers
Our primary research respondents typically include
1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.
B) Secondary Research
Secondary research involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.
The secondary sources of the data typically include
1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies
The global smart parking system market is segmented on the basis of sensor technology, solution and end-user.
Global Smart Parking System Market by Sensor Technology
• Ultrasonic Sensor
• Radar Sensor
• Image Sensor
Global Smart Parking System Market by Solution
• Parking Reservation Management
• Security And Surveillance
• License Plate Recognition
• Security And Surveillance
Global Smart Parking System Market by End-user
• Transport & Aviation
• Aisin Seiki Co., Ltd
• Delphi Automotive PLC
• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch Trafficcom AG
• Amano Corporation
• Cubic Corporation
• Xerox Corporation
• Siemens AG
How this report delivers?
1. Comprehensive analysis of global as well as regional markets of smart parking system market.
2. Complete coverage of all the segments in smart parking system market to analyze the trends, developments in the global market and forecast of market size up to 2024.
3. Comprehensive analysis of the companies operating in global smart parking system market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. IGR- Growth Matrix presents analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.